The NBA Board of Governors approved Mark Cuban’s sale of the controlling interest in the Dallas Mavericks to casino mogul Miriam Adelson and her family.
Patrick Dumont, Adelson’s son-in-law and the president and CEO of Las Vegas Sands Corp., will serve as the Mavericks’ governor.
The transaction is expected to close this week, according to a news release from the league on Wednesday.
According to earlier reports, Cuban is expected to maintain control of the Mavericks’ basketball operations.
The Adelson family’s majority stake is valued at a reported $3.5 billion. Forbes’ most recent NBA franchise valuations pegged the Mavericks as being worth $4.5 billion, the seventh-most valuable team in the league.
Forbes has also estimated Adelson, 78, as the fifth-richest woman in the world, controlling $32.3 billion in wealth. She is the widow of casino magnate Sheldon Adelson.
Adelson is the third woman to be the current principal owner of an NBA franchise, joining Jeanie Buss of the Los Angeles Lakers and Gayle Benson of the New Orleans Pelicans.
Cuban, 65, has held a majority stake in the Mavericks since January 2000. He purchased the team for $285 million.
–Field Level Media